I have a crazy desire to make a fixed gear mountain bike as the ultimate urban winter commuter bike. I have a chance to buy a Raleigh M50 for $50 that's in good shape (not sure of the year) but I can't tell if the rear dropouts are horizontal enough for a proper fixed gear conversion. It looks to be similar to this dropout from Sheldon Brown's page on fixed gear conversions.
Can anyone make a recommendation based on the above info? It's been pretty hard to find a mtb bike with horizontal dropouts. I'm familiar with the ENO hubs, but am trying to make this project cost as little as possible to I can save up for my new tri bike.